Tag:Altair investment opportunity
The growth of tourism and Sri Lanka’s probable emergence as the main commercial and financial centre between Singapore and Dubai with the rise of the Colombo Port City, augur well for the country’s condominium market, a business leader in the sector said recently.
Altair Director Pradeep Moraes told a Real Estate Investor Forum in the Maldives that in locations such as Phuket, where tourism is not solely resort-driven, it is an accepted fact that increased tourism is strongly linked to real estate development and the same applies to Sri Lanka.
Investment in real estate is also far less fickle and volatile than investments in other instruments such as stocks and bonds, and this was amply demonstrated when Sri Lanka experienced political instability a few months ago which led to a substantial flight of foreign capital invested in stocks and bonds but no known or seen impact on real estate holdings, Mr Moraes said, disclosing that this fact has been articulated to policymakers as a justification for greater support to the industry.
The Real Estate Investor Forum was hosted by Research Intelligence Unit (RIU) and had as its Chief Guest the Minister of Infrastructure of the Maldives, Hon. Mohamed Aslam. This was the second forum in the Maldives within the past three months at which Altair was a participant, following its presence at Maldives Living Expo 2019, which it supported both as an exhibitor and a co-sponsor.
Mr Moraes reiterated that Sri Lanka’s real estate sector has a demonstrated potential of generating over US $ 750 million per annum in foreign direct investment, and that condominium growth in particular is fuelled merely by aspirational lifestyle or upward mobility but by the very basic fundamental of need.
“Land banks are fast diminishing and high-rise condominiums can deliver 20 times more efficiency than conventional housing,” he said, pointing out that economies of scale render apartments more affordable than smaller-sized conventional dwellings, and the plethora of approvals required for construction can often lead to protracted delays in building individual houses.
Another factor in support of condominiums is that Colombo does not have the luxury of an urban spread as the already overloaded road network doesn’t allow for extended commutes, and even the proposed Light Rail would probably only play catch up, Mr Moraes said.
Sri Lanka’s most distinctive and instantly recognised high-rise, and already 70 per cent sold, Altair is a one-of-its-kind development in South Asia in terms of architectural design, structural engineering, and living experience. The building designed by celebrity architect Moshe Safdie comprises of two tower blocks, a 63-storey sloping tower which leans in to a taller, 68-storey vertical tower. Acknowledged as a new paradigm in contemporary living in Sri Lanka, the Altair building has already brought a new dimension in aesthetics to Colombo’s skyline and offers its 400 apartments spectacular views of the Beira Lake, the Indian Ocean and the city of Colombo.
Photo caption – (Left) Altair Director Pradeep Moraes addressing the RIU Real Estate Investor Forum in the Maldives, and the Altair team at the event.
October 18, 2018
October 21, 2016
Colombo’s skyline-defining high-rise development Altair has generated strong interest in Canada following a series of events and meetings in Toronto recently, promoter Indocean Developers reports.
The company was a sponsor of the 25th anniversary celebrations of the Canadian Tamils’ Chamber of Commerce and participated in a day-long forum and a gala dinner organised as part of the celebrations. This was the first occasion that a Sri Lankan company had participated in an event of the chamber. Representatives of Altair also had a lengthy meeting with the Sri Lankan High
Commissioner and Consul General in Canada and attended a meeting that the Tamil business community had with the High Commissioner. “The response of the Sri Lankan community in Canada to the project was extremely positive, and we were delighted to be part of a dialogue that focussed on the potential for investment in Sri Lanka,” Altair Director Pradeep Moraes said.
“It was evident that there is renewed interest in developments in the country, which a project such as Altair is particularly well-positioned to tap in to.”
Altair was also featured in interviews on two television stations, TET and ATN and Moraes was invited to be a member of a high-powered panel that discussed investment opportunities in Sri Lanka.
Read the full Article on the Daily MirrorOctober 17, 2015
Due to the growing demand, Altair apartments will see an increase of prices in November. The prices of E and F type apartments will go up by $10 per square foot starting on the 1st of November 2015.
Altair’s luxury apartments designed by the legendary architect Moshe Safdie is set to redefine the Colombo skyline. The project is on track to complete in 2017, a live feed of the development progress is online.